Cracked below target support levels
The EURUSD in the Asian session was able to crack below the floor at 1.1009-11 but ran into trend line support and the 100 hour MA. Buyers pushed the price higher into the European session, but the price decline resumed as trading picked up in Europe, and the support at the trend line and the 100 hour MA were broken.
The 100 hour moving average currently comes in at 1.09969. Stay below and the bears remain in control. We currently trade at 1.0951 which happens to be the 38.2% retracement of the move up from last week’s low from March 23.
On the downside, the 1.0876 -98 area is a swing area and also home to the 50% retracement of the same move higher (at 1.08906). The 200 hour moving average is drifting higher and currently is at 1.08762. Those levels should give sellers cause for pause.
On the topside the 100 hour MA remains a key barometer for the bullish/bearish bias. Stay below and the bears remain in control. Move above and the bears technical bias seen over the last 2 days starts to fade.